Pay & Split

Loans to Spread the Cost During Expensive Months

With Pay & Split, you can split a transaction for purchases you’ve already paid for – and borrow the full amount of the transaction. We’ll then distribute the loan evenly across the next 3 months. The interest rate for a Transaction Split loan is 14.25%, with no additional fees. No setup fee, no prepayment fee, no payment fee, no transaction fee. Remember to compare APR* when evaluating loan terms.

How does Pay & Split work?

How Does Pay & Split Work?

With Pay & Split you can divide your purchase into three parts!

We lend you and divide the loan into equal payments over the next 3 months. Each payment is due on the 1st of the month and is automatically deducted from your indó debit account – regardless of when you initiated the split.

How Do I Split?

You can apply for Pay & Split in the app by tapping "Loans" button in the top-right corner of the home screen and selecting Pay & Split.

If you meet all loan requirements, you’ll easily see which transactions are eligible for a split by checking eligible transactions in the “New Split” screen. Simply choose the eligible transaction and select Split if you want to proceed.

How Much Does It Cost to Split?

Pay & Split is a loan with an interest rate of 14.25%. There are no additional fees. No setup fee, no prepayment fee, no payment fee, no transaction fee.

Keep in mind that all additional fees on loans can significantly impact your loan terms. That’s why all loan providers must disclose another percentage – the so-called APR* (Annual Percentage Rate). This figure reflects the full cost of the loan, including all fees, in a single annualized rate – making it easier for you to compare loan options.

What Transactions Can Be Split?

Most transactions between 10,000 ISK and 250,000 ISK can be split.

The only exceptions are transactions related to gambling, gift cards, cryptocurrency purchases, or cash withdrawals.

See Pay & Split terms

*APR (Annual Percentage Rate) shows the true cost of a loan over one year, including interest and any additional fees. It’s worth comparing APR when evaluating different loans. The APR (Annual Percentage Rate) on Pay & Split is higher than the interest rate, even though the loan has no additional fees. This is because loan interest rates are always calculated on an annual basis. The APR takes the loan term into account, so the percentage increases if the loan is repaid faster than over a year. This happens because it effectively costs you more to pay the interest over a shorter period. If the loan term were 12 months, the percentage would be the same.